Top 8 Benefits of a Peer to Peer Loan for Borrower’s
Peer-to-peer lending, is the practice of lending money to unrelated individuals, or “peers”, without going through a traditional financial intermediary such as a bank or other traditional financial institution. Peer-to-peer lending is also known as crowdlending. Most peer-to-peer loans are unsecured personal loans. Secured loans are also offered by using luxury assets such as jewelery, watches, vintage cars, fine art etc. as collateral. They are made to an individual rather than a company. Other forms of peer-to-peer lending include student loans, commercial and real estate loans, payday loans, as well as secured business loans, leasing and factoring.
Peer to peer lending has quickly gained traction in the lending world. A peer to peer loan opens up new worlds for people who might not be able to get a loan any other way. For example, if your bank denies you for a loan you could go to a peer to peer lender to see if you can get a loan approved and funded. Peer to peer lenders offer help to a segment of the population that otherwise might not be able to get a loan the traditional way. There are many benefits of a peer to peer loan.
The top 8 benefits of a peer to peer loan are:
- Applying online is simple and approval is quick.
- Offers reasonable bank like interest rates or sometimes cheaper interest rates.
- Funding the loan typically only takes one to three weeks.
- Funding amounts have risen over time, so you can fund a loan anywhere from $1,000 to $35,000.
- You don’t need good credit or any credit to have access to this type of loan, which makes it great for borrowers who are just starting out or borrowers with less than great credit.
- Quick access to cash.
- Pay your loan off early without any fees.
- Loans come from real people across America so borrowers may feel more of a connection than with a bank.
Shaw Systems works with several different industries including:
- Peer to peer lenders
- Consumer goods
- Captive finance
- Asset-based lending
- Credit unions
- Small business lenders
- Commercial lending
- Specialty lenders
- Auto finance
- Finance companies
- Wholesale lending